Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company's performance. Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company's financial health. Therefore, you need to analyze your company's performance over the last month using the data provided below. For your variance analysis, use the following financial data: Grooming Labor Standard Hours Standard Rate Actual Hours Actual Rate 150 $12 180 $11.50 Grooming Materials Standard Quantity Standard Price Actual Quantity Actual Price 1000 $2 1200 $3 Prompt: Complete your work by assessing your company's financial performance, specifically addressing the following critical elements: . Financial Statements o Create a statement of cost of services in the "COS Schedule" tab. Create an income statement in the "Income Statement" tab. Variance Analysis o Identify all variances for the direct labor time and the materials price in the "Variances" tab. Evaluate the significance of the variances in the "Variances" tab. o Incorporate all feedback from previous milestones to finalize your workbook Crave Grooming Care MILESTONE 3 - Statement of Cost of Services INSTRUCTIONS: The following are the actual numbers for January: Materials Purchased $5,000 of Materials Consumed 40% of those purchased materials Direct Labor Direct Labor was $6,240 Overhead Overhead was $2,800 Crave Grooming Care Statement of Cost of Services For the Month Ended January 31, XXXX o Beginning Work in Process Inventory Direct Materials: Materials - Beginning Add: Purchases for month of January Materials Available for Use Deduct: Ending Materials Materials Used $ 5,000 5,000 3,000 $ 2,000 Direct Labor Overhead 6,240 2,800 Total Service Costs 11,040 Deduct: Ending Work in Process Inventory 0 Cost of Services $ 11,040 Crave Grooming Care MILESTONE 3 - Income Statement INSTRUCTIONS Complete the Statement in pro perform Revenue will be provided in an Announcement at the end of Modul 4 (based on actual number of services for your pricing love) Additional Information necessary to complete the income Statement: General Administrative Salaties paid - $1,200 Advertising - $100 Cleaning Products - $120 Depreciation - $83 Rent-$650 Loan-$420 Utilities & Insurance - $500 Crave Grooming Care Income Statement For the Month Ended January 31, Revenue Grooming Day Care Boarding Tots Revenue Cost of Services Gross Profit 11.040 (11.0401 $ $ 1.200 100 120 Expenses GLASslari Advertising Cleaning Products Depreciation Rent Loan Utilities and insurance Total Expenses 420 600 3,173 Net Income / Loss $ 14.213 Cast of Goods Sold - Cost of Services There is no finished goods inventory to maintain Crave Grooming Care MILESTONE 3 - Variance Analysis INSTRUCTIONS: Prepare the variances and identify whether they are favorable or unfavorable The below website will provide further assistance with variances: http://accounting simplified.com/management/variance and siz/material/price.html DATA FOR VARIANCE ANALYSIS Grooming Labor Grooming Materals Standard Hours / Oty 150 $ 1,000 $ Standard Rate 12.00 2.00 Actual Hours/ 180 $ 1,200 $ Actual Rate 11.50 3.00 Varance Favorable/ Untavorable Groomer Direct Labor Time Variance (Actual Hous Standard Hours)x Standard Rate $ 350.00 Unfavoble $ 90.00 Favoble Groomer Direct Labor Rate Valance (Actualiste Standard Rate) x Actual Hours Direct Materials Quantity/Efficiency Varlance (Actual Quantity Standard Quantity Standard Price $ 400.00 Untable Direct Materials Price Variance Actual Price Standard Price) Actual Quantity $ 1,200.00 Unterble Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company's performance. Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company's financial health. Therefore, you need to analyze your company's performance over the last month using the data provided below. For your variance analysis, use the following financial data: Grooming Labor Standard Hours Standard Rate Actual Hours Actual Rate 150 $12 180 $11.50 Grooming Materials Standard Quantity Standard Price Actual Quantity Actual Price 1000 $2 1200 $3 Prompt: Complete your work by assessing your company's financial performance, specifically addressing the following critical elements: . Financial Statements o Create a statement of cost of services in the "COS Schedule" tab. Create an income statement in the "Income Statement" tab. Variance Analysis o Identify all variances for the direct labor time and the materials price in the "Variances" tab. Evaluate the significance of the variances in the "Variances" tab. o Incorporate all feedback from previous milestones to finalize your workbook Crave Grooming Care MILESTONE 3 - Statement of Cost of Services INSTRUCTIONS: The following are the actual numbers for January: Materials Purchased $5,000 of Materials Consumed 40% of those purchased materials Direct Labor Direct Labor was $6,240 Overhead Overhead was $2,800 Crave Grooming Care Statement of Cost of Services For the Month Ended January 31, XXXX o Beginning Work in Process Inventory Direct Materials: Materials - Beginning Add: Purchases for month of January Materials Available for Use Deduct: Ending Materials Materials Used $ 5,000 5,000 3,000 $ 2,000 Direct Labor Overhead 6,240 2,800 Total Service Costs 11,040 Deduct: Ending Work in Process Inventory 0 Cost of Services $ 11,040 Crave Grooming Care MILESTONE 3 - Income Statement INSTRUCTIONS Complete the Statement in pro perform Revenue will be provided in an Announcement at the end of Modul 4 (based on actual number of services for your pricing love) Additional Information necessary to complete the income Statement: General Administrative Salaties paid - $1,200 Advertising - $100 Cleaning Products - $120 Depreciation - $83 Rent-$650 Loan-$420 Utilities & Insurance - $500 Crave Grooming Care Income Statement For the Month Ended January 31, Revenue Grooming Day Care Boarding Tots Revenue Cost of Services Gross Profit 11.040 (11.0401 $ $ 1.200 100 120 Expenses GLASslari Advertising Cleaning Products Depreciation Rent Loan Utilities and insurance Total Expenses 420 600 3,173 Net Income / Loss $ 14.213 Cast of Goods Sold - Cost of Services There is no finished goods inventory to maintain Crave Grooming Care MILESTONE 3 - Variance Analysis INSTRUCTIONS: Prepare the variances and identify whether they are favorable or unfavorable The below website will provide further assistance with variances: http://accounting simplified.com/management/variance and siz/material/price.html DATA FOR VARIANCE ANALYSIS Grooming Labor Grooming Materals Standard Hours / Oty 150 $ 1,000 $ Standard Rate 12.00 2.00 Actual Hours/ 180 $ 1,200 $ Actual Rate 11.50 3.00 Varance Favorable/ Untavorable Groomer Direct Labor Time Variance (Actual Hous Standard Hours)x Standard Rate $ 350.00 Unfavoble $ 90.00 Favoble Groomer Direct Labor Rate Valance (Actualiste Standard Rate) x Actual Hours Direct Materials Quantity/Efficiency Varlance (Actual Quantity Standard Quantity Standard Price $ 400.00 Untable Direct Materials Price Variance Actual Price Standard Price) Actual Quantity $ 1,200.00 Unterble